NEAR Price Up By 19.80%- Time to Buy NEAR Coin?

The price of NEAR token has been on an uptrend in the last 24 hours. This price increase has seen several investors rushing to buy NEAR.

NEAR protocol is a high-performance blockchain that aims to be lightning-fast, secure, and infinitely expandable. The Ethereum rival has since seen growing interest as the decentralised finance (DeFi) race increases.

To determine if this is an ideal opportunity to buy NEAR, we will analyse the digital asset’s technical and fundamental performance.

NEAR Breaking Through The Bearish Ranks

The Near token is currently trading at $9.50 at press time. The current value of the digital asset represents a 19.80% increase in the last 24 hours. NEAR is presently the 34th most valuable digital asset and controls 0.23% of the worldwide crypto market.

NEAR has a market cap valuation of $9.4 billion, which has gained 19.59% in the past day. The cryptocurrency has a 24-hour trading volume of $716 million and has increased by 181.61% today.

In the previous six months, the digital asset has increased in value by 224.8%, while year-to-date (YTD) figures show that NEAR has risen by 580.82%. The 34th crypto currency’s price has also seen a remarkable increase by 891.21% in the past year.

The digital coin’s upward trajectory demonstrates the asset’s potential to recover from bearish dips and gain market value.

The token has surpassed previous predictions to gain new support and resistance prices. This constant uptrend is a strong motivation for investors to buy NEAR.

On July 30, the NEAR token was trading at $2.908, but on August 30, the digital asset jumped to $4.588, more than doubling its previous price.

The digital asset’s price continued to rise, peaking at $8.606 on September 21 before sitting at $7.531 on October 14. NEAR again gained traction and rose over its price, peaking at $13.12 on October 28 before falling to its current price of $9.49.

Near Technical And Fundamental Analysis

NEAR’s technical indicators reflect a bullish run, with the coin trading above the 20-day moving average (MA) support price of $8.715. The 200-day Moving Average (MA), the support price of $5.896, indicates that the asset is also on a bullish run in the long term.

On the other hand, the Relative Strength Index (RSI) of 54.07 reflects that NEAR is in the underbought zone. At the same time, data from the moving average convergence and divergence (MACD) indicates that the green trend line is above the orange line, pointing to a buy signal.

The digital asset’s remarkable indicators are linked to some fundamental factors encouraging investors to buy NEAR.

The Swiss crypto payments company- Moonpay, with over 5 million users, announced on December 8 that its clients in 150 countries would now purchase NEAR directly through the Moonpay platform.

While Moonpay customers in Europe and elsewhere currently buy NEAR using a debit or credit card, today is the first time consumers in 150 countries, including the United States, will be able to utilise the service.

The debut of Sharding on NEAR, the next key chapter in the NEAR blockchain, coincides with the announcement. NEAR’s Nightshade Sharding increases the network’s ability to host larger and more resource-intensive Decentralised applications (Dapps), such as gaming and Non-Fungible Tokens (NFTs), enhancing its speed to process more transactions safely.

NEAR presently has over 20 gaming and NFT applications running on the blockchain, all of which will benefit from super-low fees and limitless scalability and market indicators project that the asset is currently a good investment.

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